German April IFO: Downbeat across all indicators

The headline German IFO business climate index dropped sharply in April, coming in at 102.1 points versus last month's 105.7 (revised lower from 114.7) and expectations of 102.7. Meanwhile, the current economic assessment also missed estimates, arriving at 105.7 points in the reported month, as compared to last month's 110.6 (revised down from 125.9) and 106.0 anticipated.

The IFO Expectations Index – indicating firms’ projections for the next six months came in at 98.7 in April versus expectations of 99.5 and 101.0 (revised from 104.4) recorded in March.